UTI launches Fund in Lucknow

UTI Mutual Fund announced the launch of 'UTI-Wealth Builder Fund' today in Lucknow. The new scheme offers units sale between September 7 and October 11.

UTI-Wealth Builder Fund is a close ended equity scheme with a maturity period of 5 years with automatic conversion into an open ended scheme upon maturity of the scheme. Minimum initial investment in the scheme is Rs 5,000 and in the multiples of Re 1, thereafter without any upper limit.

The company, under this scheme hopes to raise about Rs 125 crore from Uttar Pradesh and an amount of Rs 400-500 crore from Northern India.

UTI AMC(Asset Management Company) Regional Sales Head (North) Ramesh Meena said, "To satisfy the needs of investors who think long term, UTI Mutual Fund is expanding its products suite. The new scheme aims to build and maintain a diversified portfolio of equity stocks that has the potential to appreciate in the long run."

The objective of the scheme is to achieve long-term capital appreciation by investing predominantly in a diversified portfolio of equity.